Canada GDP Preview Canada GDP Preview: Analysts expect Q3 GDP, due Friday, to improve to a 2.3% pace in Q3 (q/q, saar) from the 1.7% rate in Q2. Our projection leaves Q3 GDP on track to overshoot the BoC's 1.8% GDP estimate, although the details should be consistent with the Bank's outlook -- exports and M&E investment to remain sluggish while consumers continue to drive growth. The industry level figure for September is expected to show a 0.2% m/m gain, which would leave a 2.7% clip for the quarter and offer upside risk to our 2.3% Q3 estimate. But analysts see a drag from net exports accounting for the difference. September GDP preview and commentary "Canada's GDP Expected to Rebound in Q3" for more.
Asian stocks rallied Asian stocks rallied amid yesterday's strong U.S. data, which boosted yields and stocks. The MSCI ASX added 0.6% and the Nikkei 225 jumped 1.3% following USD-JPY's move to 102.25. Japanese exporters gained and there was also a positive influence from better than expected Japan October retail sales. The ASX was flat despite a much stronger than expected Australia capex, which triggered a short covering rally in AUD from 0.9080 to 0.9140. The Hang Seng rallied 0.9% by the Asia afternoon and the SSEC was 1.3% higher after a 15% increase in China industrial profits in October, which compared with 13.5% in September.